President Donald Trump takes part in a round table discussion on business and red tape reduction in the Roosevelt Room of the White House in Washington, DC on December 6, 2019.
Mandel Ngan | AFP | Getty Images
This is breaking news. Please check back for updates.
President Donald Trump said Friday that as part of the U.S.-China trade deal Washington will not charge Beijing with any new tariffs and slightly reduce existing tariffs.
He also said that "phase two" talks with China will begin immediately.
The Office of the United States Trade Representative confirmed that the U.S. will be maintaining 25% tariffs on approximately $250 billion of Chinese imports, along with 7.5% tariffs on approximately $120 billion of Chinese imports.
In a tweet, the president wrote "We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder ...
"...The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal," he added. "We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!"